After a dip in the housing market, it would appear that the prices are set to boom. According to recent statistics, house prices here in the UK are rising and rising. That can only mean positive things for the British economy, which has suffered for some time. Many homeowners stand to make money when it comes to this change. Of course, the developments mean that people can make large profits if they wish to do so. So, where are housing prices rising the fastest in the UK?
The Office of National Statistics
According to information from the Office of National Statistics, prices are rising. London tends to be ahead of the game when it comes to housing prices but is below average this year. The houses in the capital only rose by 5.5%, which is 0.1% less than the national average. It is strange to see that the homes in the London area are not rising in value much. It is abnormal since this area tends to have the biggest surge in prices when you compare it to the UK markets.
UK housing prices rise
In the rest of the UK, though, it is quite a different story. Places such as the South East of England have seen an epic rise of 6.7%. That means that the homes in the south of the country are surging in value at an incredible rate. In England, the average house costs £295,000. That is a massive £140,000 more than the average home in Northern Ireland. Of course, this change means that it is harder than ever for young people to get into the property market. Over the last few years, it would seem that the market has become more and more popular.
Houses in the East of the UK
There is one area that has seen the biggest surge in housing prices. The east of the UK has seen prices rise by as much as 8.3%. That is 2.7% more than the rest of the country. Experts are not sure what has led to this development, but they do have some theories. They believe that people have moved out of London since the houses there are too expensive. Instead, people have moved to both the southeast and the east of England. This sudden change means that there has been a high demand for homes in these areas. When the demand is high, it pushes housing prices up.
Recovery from the financial crisis
One of the best things about this change in the market is the fact that it shows how the UK is recovering. The 2007 financial crisis left many people in hardship. Now, though, there has been a massive development in the country’s economy. That means that more and more people can afford to buy houses once again. One area in which you can see evidence of this change in Northern Ireland. While the houses there are still reasonable, they have seen a 7.4% rise this year. It is clear that the country is back on its feet.
Looking to get a place of your own? We don’t only do loans, we can help you find some of the best mortgage deals on the market. Go on, give us a try…
DISCLAIMER: These articles are for information only and should not be construed as advice. You should always seek advice prior to taking any action.